By Carla Mozee and Victor Reklaitis, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks rose Wednesday, as the
S&P 500 recovered somewhat from a three-session losing streak
that's been blamed in part on worries about global growth and
Mideast fighting.
Investors are on the lookout for a report on August new-home
sales that's expected to show a modest bump in new-home sales.
The S&P 500(SPX) rose 1 point, or 0.1%, to 1,984 after
dropping for three days in a row from last Thursday's record
close.
The Dow Jones Industrial Average(DJI) gained 17 points, or 0.1%,
to 17,073 after pulling back over the past two days from its record
close Friday. Meanwhile, the Nasdaq Composite(RIXF) tacked on 10
points, or 0.2%, to 4,518.
(Read more in Need To Know: Investors, media fixated on
imploding small-cap stocks
http://www.marketwatch.com/story/gold-10000-and-why-golden-is-worse-than-death-when-it-comes-to-crosses-2014-09-24.)
Today's key economic data: The Commerce Department will release
its report on August new-home sales at 10 a.m. Eastern. Analysts
are looking for a modest gain to a seasonally adjusted annual rate
of 426,000. The pace of sales in July fell to a four-month low at
412,000.
Crédit Agricole expects August new home sales to have risen to a
rate of 424,000, a sign that home builder confidence is
strengthening. The NAHB Housing Market Index in August held to a
"healthy reading above 50," and in particular, "sentiment improved
in the Northeast and Midwest regions where sales have fallen over
the past two months," said Crédit Agricole economist Philippe
Vilasboas in a note.
Investors are also on the lookout for hints on Wednesday
afternoon about the Federal Reserve's timetable for raising
interest rates.
Cleveland Fed President Loretta Mester will discuss her views on
the economy while speaking to the Cleveland Association for
Business Economics. The speech is set to begin at 12:15 p.m.
Eastern. Mester is a voting member of the Fed's policy committee
this year.
At 1 p.m. Eastern, Chicago Fed President Charles Evans will talk
about the economy and monetary policy at the Peterson Institute for
International Economics. Evans will be a voting member on the
rate-setting panel in 2015.
Movers and shakers: Bed, Bath & Beyond (BBBY) shares climbed
nearly 6% to lead the S&P 500 after the home-furnishings
retailer late Tuesday posted better-than-expected quarterly
earnings.
Accenture (ACN) shares fell 2% for one of the S&P 500's
worst performances after the consulting firm issued a cautious
outlook for its next fiscal year.
(Read more in the Movers & Shakers column
http://www.marketwatch.com/story/bed-bath-beyond-kb-home-jabil-likely-in-focus-2014-09-24.)
Other markets: Japan's Nikkei Average shed 0.2%. Meanwhile, the
dollar fell against the yen (USDJPY) after Japan's prime minister
said he's cautious about the yen's recent weakness.
European stocks mostly gained after initially wavering following
a sluggish reading on German business confidence. Gold futures
(GCZ4) dipped, and oil futures(CLX4) edged up ahead of weekly
supply data from the U.S. Energy Information Administration.
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